By Prof. Dr. Arif Khan
Bangladesh’s economy is in a terrible crisis today.
In less than a year, the illegal Dr. Yunus government’s rule has pushed the national economy into a deep stalemate, from which long-term and well-planned reforms will be needed to overcome it. The ruling group is making a mountain of allegations against the Awami League government, but they themselves are unable to present any evidence.
In reality, the picture of the economy proves the brutal truth of their mismanagement, corruption and destruction.
Advisers to the Yunus government have accused the Awami League government of laundering $234 billion during its tenure. However, no clear evidence has been presented to support this accusation. Economists say this is just a tactic to divert public attention. In reality, foreign exchange reserves have decreased by a record amount during the Yunus government’s tenure, and allegations of money laundering in foreign banks have come to the fore more clearly.
Economy of the common people is in ruins
The common man is the most affected by the economic disaster. The economy of about 60% of the country’s people has been destroyed and reduced to ruins. Unrestrained increase in commodity prices, unemployment, and decrease in investment — all of this has left middle- and lower-class families facing extreme uncertainty.
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There was a potential for foreign investment of about $15 billion in 2025. But due to the unstable environment, illegal rule, and the rise of militancy, foreign investors have retreated. Due to the decline in investment, the growth of the industrial sector has come to a standstill, and thousands of workers have become unemployed.
Hundreds of billions of dollars in losses
The country’s economy has suffered hundreds of billions of dollars in losses due to the mismanagement and unprincipledness of the illegitimate government. This loss has erased the achievements of the past two decades. Today, Bangladesh is in the top five of the list of corrupt countries in international indices due to corruption and shortsightedness.
Loss of $200 billion in domestic industry
The domestic industrial sector is also in dire crisis. It is estimated that the loss has reached about $200 billion. Production has been disrupted, exports have decreased, and countless industrial enterprises are struggling to survive.
Rise of militancy
During the Yunus government, militant organisations have re-emerged. Due to this, Bangladesh’s image in the international arena has been severely damaged. This loss cannot be measured only in monetary terms but is also dangerous for the country’s long-term development and security.
Accountability of illegal rule is needed
The one-year rule of Dr. Yunus’ government has proven how terrible the consequences of coming to power illegally and ruling without any accountability to the people can be. Economic collapse, investment decline, the rise of militancy, and mountains of corruption – all of which are driving Bangladesh towards an uncertain future.
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The people of Bangladesh, who have repeatedly defended democracy with their blood, have the responsibility today once again — to stand up against illegal rule. Only through democracy, good governance, and accountability can the country be freed from this devastation.
Prof. Dr. Arif Khan; UK-based Economics Researcher & Geopolitical Trade Analyst
English